According to @glassnode, off-chain sentiment is cooling while futures funding remains neutral but vulnerable, signaling fragile positioning in derivatives markets, source: @glassnode. The firm reports that ETF inflows have slowed sharply, reducing momentum from passive vehicles, source: @glassnode. For Bitcoin BTC, flows were mostly directional spot demand, highlighting spot-led participation, source: @glassnode. For Ethereum ETH, the flow mix included significant cash-and-carry trades, indicating a larger share of basis-hedged activity versus pure spot buying, source: @glassnode.